The Cost of Living Index Update of the Numbeo Platform shows the different prices of basic consumer goods in these territories, from food to services.
According to the update of the Cost of Living Index of the Numbeo Platformwhich disseminates information about living conditions worldwide, Two island territories are among the most expensive to live in Latin America and the Caribbean.
Most expensive Caribbean countries
The Cayman islands lead the list With a 108.18 score in the cost of living indexwhich means they are a 8% more expensive than New York, not counting housing.
“Being islands or relatively isolated territories, many goods have to be imported. That makes what reaches the local market,”said the economist and academic of the University of Rosario in Colombia, Clara Inés Pardo. In addition, limited competition allows many services to be more expensive.
“For example, supermarkets, transport services, retail shops can have large logistics costs and little competition,” Pardo confirmed.
He high -level tourism, expensive infrastructure and local regulation They also raise prices. The academic said that “Since many facilities are designed for tourismout of season they can be underlined, which forces to load higher prices in strong season to compensate“
The Caribbean countries became a territory for Millionaires. A total of 200 millionaires are expected to move to Cayman Islands this yearattracting some US $ 3,700 million in capitala 62% increase in this population between 2014-2024, according to the consultant Henley & Partners, specialized in investment migration.
According to the number index, after Cayman islands the most expensive territories are Bahamas (85,36) and Puerto Rico (59.75).
Cayman Islands
Latin America countries
The most expensive countries in Latin America are Uruguay (51,34) and Costa Rica (50,27), but in turn they have Two of the highest minimum wages at the regional level.
Uruguay presents in its balance a higher local purchasing power index (54,74)which reflects the relative purchasing capacity when buying goods and services. On the other hand, Costa Rica, his balance shows that the highest subscript is that of groceries (56,48).
Uruguay and Costa Rica
The difference in reality in the Caribbean, in the case of these territories, the result would be the most most of economies reflection solid and stable from the economic and social development point of view. Latin America added this year to Costa Rica as a new country in the high -income category.
Source: Ambito
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